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The benchmark S&P 500 and the Dow suffered their biggest percentage drops since August 2011, as a long-awaited pullback from record highs deepened.

The average density of PM2.5 in Beijing was 58 micrograms per cubic meter last year, meeting the target set by the State Council, and 20.5 percent less than in 2016.

The bill increases entry-level wages for millions of American workers from the current .25 an hour - a level that has remained unchanged since 2009.

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The association also has assembled a special panel with executives from leading Chinese steel mills to study issues related to iron ore imports, such as the security of supplies, the pricing mechanism, and the tracking of the market.

The bank warned that: the business is showing features of securitization, with a vast daily volume; some third-party payment organizations are providing installment and other leveraging services for the business, increasing financial risks; and as operations of the business are opaque, mass disturbance may occur if sneaker trade platform operators make off with money.

The bank launched an online financing system for high-tech startups in September last year, enabling borrowers to apply for loans online. The lender is able to verify prospective borrowers' credentials, needs and other aspects like financial capacity and growth potential, and then decide if it is prudent to extend a loan.

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The bank is hoping to capture "huge" opportunities that have presented themselves because of the opening up of an infrastructure financing gap in the countries and regions related to the program, said Zhang Hongli, vice-president of ICBC.

The benchmark Shanghai Composite Index declined by 0.78 percent to close on Wednesday at 2911.05 points. On an intraday basis, the last time the index traded above 3000 points was on Nov 5.

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The association said it expects sales of new energy cars in China to exceed 1 million units this year, up from 777,000 last year.

The author is a visiting scholar at Peking University.